Roark Capital Group, an Atlanta-based private equity firm, announced today that its affiliates have acquired Atkins Nutritionals, a leading international weight control and nutrition brand. Atkins' management team, led by CEO Monty Sharma, will remain with the business and invested alongside Roark Capital in the transaction. Terms of the transaction were not released.
The Atkins Nutritional Approach, supported by more than 50 clinically-reviewed published studies, has helped millions of people lose weight since the system was popularly introduced in the 1960's. The Company offers consumers its Atkins diet program and a full suite of weight loss and weight management support tools online at www.atkins.com. Through a unique line of nutritional bars, ready to drink shakes, other snacks, and a low-sugar carbohydrate-optimization weight management program, Atkins provides an effective weight loss system and lifestyle tools to a growing number of consumers worldwide. Atkins sells its products in the nutritional aisle at approximately 30,000 retail outlets, across the food, drug, and mass-merchant channel throughout the United States and in over 20 countries around the world.
"We are very excited to partner with Monty Sharma and his team to help support the continued growth of the Atkins brand," said Ezra Field, Managing Director of Roark. "Atkins is consistent with our strategy of investing in leading consumer businesses with strong brands, differentiated market-positions and identifiable growth opportunities," Field continued.
Monty Sharma, Atkins CEO, added "I'm very pleased to have Roark as a partner to support the continued growth of the Atkins brand. Their operational approach and the weight management sector experience they bring make them a terrific partner for Atkins and its management team going forward."
Lou Marinaccio, Managing Director of North Castle Partners, added: "This investment further validated the North Castle strategy of reinvigorating a brand based on consumer feedback. Moreover, we are very happy that Monty, his team, and the Atkins brand have found a great partner in Roark Capital to support their continuing growth initiatives."
Lazard Middle Market provided strategic and financial advice to North Castle Partners. Ableco provided financing for the transaction.
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